Ether has just passed its best monthly yield in three years, increasing by 56%, an analyst calling it as a “technological stock of the 90s” at the rear of recent FNB entries.
ETH is currently negotiated at $ 3,862, which is significantly higher than its July 1 opening of $ 2,468, according to Coingecko.
This marks the first time that Ether gave a monthly yield of 50% or more in a single month since July 2022, when ETH jumped 56.62%, according to Coinglass.
Eric Balchunas, senior analyst of Bloomberg ETF, awarded the recent ETH prices performance to the net entries observed through the funds (ETF) negotiated on the stock market on the Spot ether.
“Ether begins to look like a technical stock from the 90s like ETFs take fire,” wrote Balchunas in a post X.
He also compared Ether to “nascent technological actions in the 1990s”, in terms of acceleration of the adoption and growth of the network, which differs from Bitcoin’s “new gold” narrative.
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Ether ETF Flow Stream strikes 19 days
The Ether ETHE ETFs were on a 19-day net intrigue sequence this month, corresponding to their longest sequence in history.
From July 3 to 30, category funds collected more than $ 5.37 billion. The highest net influx was recorded on July 16, where the net entries of all funds amounted to nearly $ 727 million.
Last week, the FNB of Ishares ETF of Blackrock became the third fastest ETF to reach the milestone of $ 10 billion, while the fund managed to reach this feat in just 251 days.
Meanwhile, in a rare case, the net entries in the ETHER ETHERs far exceeded the net entries in the Bitcoin ETF for six consecutive days in July.
Ethereum activity is late, explains the analyst
While the ETH has rallied a price, not everyone is enthusiastic about the level of activity that takes place at the level of the protocol.
“When we examine the real income that is generated on the Ethereum network, it is very low,” said CEO of 10x Research, Markus Thielen, Cointelegraph, adding that Ethereum’s revenues have not increased significantly in the last six months.
During the last month, network activity increased by only 5% and income increased only by 3%, according to Thielen. In addition, he observed that 90% of the price share in the last month comes from the Asian time zone.
He remembers in November 2021, when Ethereum generated $ 1.5 billion in income in a single month on a market capitalization of $ 300 billion. This extrapolates an annual return of 6%, which could be attractive for institutional investors.
The story is very different now, the market capitalization of Ethereum at $ 466 billion, while its annual income is only $ 764 million, according to the Token terminal.
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